With three Bank Holidays, May was a stop-start time for many people. Of course, the local housing market stops for no one, and we are pleased to say we were extremely busy assisting buyers and sellers throughout the month.
There have also been some interesting news stories, and at Trading Places, we ensure you remain up to date with every aspect of the local and national property market.
Average asking prices surge to new record high of £372,894
The confidence level felt by property owners looking to sell their homes is evident in the average asking price. If property owners don’t believe there is demand for their property, they’ll lower their asking price. However, if there is a genuine belief their home will sell due to high demand, prices will rise.
This is why it is positive to see average asking prices nationwide reach a new record high.
Tim Bannister, Rightmove’s Director of Property Science, said: “This month’s strong jump in new seller asking prices looks like a belated reaction and a sign of increasing confidence from sellers, as we’d usually see such a big monthly increase earlier in the spring season. One reason for this increased confidence may be that the gloomy start-of-the-year predictions for the market are looking increasingly unlikely. What is much more likely is that the market will continue to transition to a more normal activity level this year following the exceptional activity of the pandemic years. Steadying mortgage rates and a generally more positive outlook for the economy are also contributing to more seller confidence, though there are likely to be more twists and turns to come.”
With several factors in the housing market giving cause for optimism, it is pleasing to see the market respond positively. There are still many challenges to overcome in the property market. However, with buyer enquiries to agents about 3% higher than pre-pandemic figures, there is every indication that people still want to move.
At Trading Places, we bring buyers and sellers together, so whatever move you are keen to make, we are here to help.
Is the London property exodus still taking place?
Amid the pandemic, it was easy to see why many residents of the capital decided to head out of the city and move to the countryside. Space, fresh air and a sense of freedom were at a premium, and with people working from home rather than the office, there was no longer a need to feel shackled to your place of work.
As we have moved forward from there, there have been times when the number of people heading back to the capital has risen. London life isn’t just about work, the social and entertainment aspect appeals to many people, and many households prosper with city living.
This movement will likely ebb and flow for some time to come, and as we move towards the summer of 2023, the focus again falls on people moving out of London.
According to Compare My Move, the leading areas London residents move to are as follows:
1: South East - welcoming 35.69% of London movers
2: East of England - 15.52%
3: East Midlands - 11.17%
4: South West - 11.11%
5: North West - 7.42%
Owner and Managing Director of Compare My Move, Dave Sayce, concludes: “It’s clear that although the London exodus is slowing down, many people are still moving out of London for cheaper house prices and short commutes to their jobs. Compare My Move has seen a busy Q1 for moves in and out of London with no sign of this slowing down.”
If you are a Leytonstone or London homeowner looking to sell up and move out of the capital, we are here to assist you.
If you would like to learn more about Leytonstone, what the area has to offer, and how to achieve your goals in the local property market, we can help. To arrange an appointment, call us on 020 8558 1147 or send us an email at
info@tradingplacesproperty.comYou will find Trading Places Estate and Letting Agents at 46 Church Lane, Leytonstone, London, E11 1HE; and we look forward to assisting you.
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